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Pharmacy chain Jean Coutu Group Inc reported higher quarterly sales, helped by demand for its high-margin generic drugs and the expansion of its network of franchised stores.

Fewer Canadian firms expect to have difficulty meeting a surge in demand than did in the first quarter, the Bank of Canada said on Monday in a sign that pressures on production capacity are lessening rather than building.

William Ackman's Pershing Square Capital Management proposed on Monday a slate of six directors for the board of Allergan Inc as the hedge fund presses forward with its $53 billion takeover bid with Valeant Pharmaceuticals International Inc for the Botox maker.